Gateway Gold Corp.

Gateway Gold Corp.

December 12, 2007 14:40 ET

Gateway's Drilling Defines Ore Controls at Lower Mac Ridge

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 12, 2007) - Gateway Gold Corp. (the "Company") (TSX:GTQ) is pleased to announce the results from the balance of the 17 holes drilled on the Lower Mac Ridge project in northeastern Nevada. The initial three holes (MR-07-01 to MR-07-03) drilled on the prospect were reported in a news release dated October 25, 2007, which returned thick intervals of significant gold values (See Table 2 below). All of the holes were drilled within three separate areas where widespread gold mineralization was discovered by the Company's previous surface sampling and trenching. Intervals reported are drilled widths, which may not represent true widths of the mineralized zones.

Significant results from Holes MR-07-04 to MR-07-17 are reported below:

Hole From To Hole Interval Grade
Number (feet) (feet) (feet) (g/t Au)

MR-07-04 70 95 25 0.717

MR-07-07 15 55 45 0.502

MR-07-08 20 30 10 0.399

MR-07-10 65 100 38 0.188

MR-07-11 65 70 5 0.177

MR-07-12 35 55 20 0.192

MR-07-14 0 6 6 1.201
and 290 300 10 0.225

MR-07-15 65 105 40 0.599
including 80 85 5 1.235

MR-07-16 70 85 15 0.810

M.D. McInnis, President and CEO of Gateway Gold, commented, "Taken as a whole, the results of our initial seventeen holes are highly encouraging as they indicate strongly anomalous gold values over a large area. The latest drill results clearly define a through going NNE oriented west dipping fault that controls the higher grade gold mineralization. The structural setting appears to be very similar to the North Sammy mine area. If this proves to be the case then we can expect to see multiple north plunging mineralized zones concentrated along the NNE structure where that structure intersects repeated sections of a bio-clastic unit to the north and where it crosses folded and structurally complex repeated sections of the Lower Plate units to the south. With this scenario in mind, we are optimistic that we can extend the original discovery area on strike in both directions. This structural model will also be used to help local new higher grade zones within the target area."

Results from the initial holes MR-07-01 to MR-07-03 are reported below in Table 2.


Hole From To Interval Grade
Number (feet) (feet) (feet) (g/t Au)

MR-07-01 0 65 65 1.670
Including 0 40 40 2.547
or including 5 30 25 3.688

MR-07-02 80 105 25 0.748
Including 90 95 5 1.150

MR-07-03 15 65 50 1.744
Including 30 60 30 2.650

Gateway Gold Corp. is a mineral exploration company with an experienced management team and a solid track record of exploration success. The Company is focused on the discovery and development of gold deposits in Nevada, currently with six active exploration projects. The Company's most advanced project, the Big Springs property, has a NI 43-101 compliant resource estimate of 1.2 million ounces gold with an average grade of 0.078 opt at 0.025 opt cut-off.

All samples are prepared and analyzed by ALS Chemex, with sample preparation in Elko and analyses in North Vancouver. Dr. Giles Peatfield, P.Eng. is an Independent Qualified Person for GTQ and has reviewed and approved the contents of this release.


Michael D. McInnis, P.Eng., President and CEO

Certain of the statements made and information contained herein is "forward- looking information" within the meaning of the Ontario Securities Act. and the Alberta Securities Act or "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 of the United States Forward-looking statements and forward looking information are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements and forward looking information, including, without limitation, risks and uncertainties relating to the interpretation of drill results and the estimation of mineral resources, the geology, grade and continuity of mineral deposits, the possibility that future exploration results will not be consistent with the Company's expectations, accidents, equipment breakdowns, title matters and surface access, labour disputes or other unanticipated difficulties with or interruptions in production, the potential for delays in exploration activities and the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, failure to obtain adequate financing on a timely basis and other risks and uncertainties, including those described under Risk Factors Relating to the Company's Business in the Company's Annual Information Form and in each management discussion and analysis. Forward-looking information and forward looking statements are in addition based on various assumptions including, without limitation, the expectations and beliefs of management, the assumed long term price of gold, that the Company will receive required permits and access to surface rights, that the Company can access financing, appropriate equipment and sufficient labour and that the political environment within Nevada will continue to support the development of environmentally safe mining projects. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking statement.

The TSX does not accept responsibility for the adequacy or the accuracy of this release.

Contact Information

  • Gateway Gold Corp.
    Michael D. McInnis
    (604) 801-6040
    Gateway Gold Corp.
    Raju Wani
    Investor Relations
    (403) 240-0555
    Gateway Gold Corp.
    Ron Cooper
    Investor Relations
    (604) 986-0112